S&P rates Pitney Bowes notes BBB

Standard & Poor's said it assigned its BBB issue-level rating to Pitney Bowes Inc.'s proposed offering of notes due 2043.

The company expects to use the proceeds to purchase up to $310 million of outstanding notes due 2014, 2015 and 2016 for which the company has launched a tender as well as for general corporate purposes.

The BBB corporate credit rating, stable outlook and individual issue-level ratings are unaffected by the transaction.

S&P said the ratings on Pitney Bowes reflect its view of the company's business risk profile as "satisfactory" and its financial risk profile as "intermediate," and incorporate the expectation that operating trends will remain under pressure into 2013.

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